The Marketing Mix
I remember it like it was yesterday…I was sitting in my first-ever marketing class my freshman year of college and I opened up my Marketing 101 book. It was like everything inside the pages came to life for me—I loved reading about branding, strategy and how to build a marketing plan. This is also when I learned about the marketing mix and the four P’s of marketing: product, price, promotion, and place(often also called distribution). Who knew then that those 4 little words would shape my future? Well, today I’m going to share a closer look at each of the components in the mix because identifying each of these for your brand could also shape your future marketing success!
Identifying the Four P’s:
Product—This refers to either the tangible good or service that you provide.
Price—How much does the product or service cost for you to make/provide and how much are you charging the client.
Promotion—Simply put, how are you sharing the word about your product/service?
Place/Distribution—Where will you sell your product or service? This refers to the point of sale or distribution of your good or service.
Putting them into action:
Product—Whether you’re new in the business or have a successful brand already, it’s always beneficial to go back to the root of what your product or service is. Start by asking yourself a few questions:
· What need is my product or service satisfying?
· How and in what way will the customer use it?
· What sets my product or service aside from the competition? What makes it unique?
· What other products or services are in direct competition with me?
· What are my general branding guidelines?
· What type of product/service do I want to provide? Quality over quantity?
· Who do I want to purchase my product? Is this a necessity for them or a luxury?
Through doing the internal and external research to answer these questions, you’re well on your way to properly identifying your specific product. It’s crucial to take the temperature of the market you’re entering so that then you can best identify what sets you apart and most importantly WHO your ideal customer is that you intend to target.
Price—Identifying the price is to recognize the value that you’re providing to the customer while also taking a closer look at what you need to be making to ensure this business venture is worth your while. Let’s do this by asking a few price related questions:
· What is the value of this product or service to the customer?
· What is my established price list for my goods or services?
· How much is it costing me to make this or provide this service?
· How much do I need to be making to ensure it’s worth my while and to align with my business model?
· Where does my pricing fall in comparison with the competition?
· Will I offer segmented pricing for wholesale or other targeted markets?
Working hard on the numbers side of your product or service is incredibly important. If you’re manufacturing a product, set attainable goals to determine how you can cut costs while still providing the quality your customers are used to and deserve! Same goes for the service industry—what resources can you use to save time and money to provide the best results?
Promotion—Get your megaphones ready because this is the fun part! Sharing your story has never been more important (than now) and creating the right and relevant content/channels to do it through should be at the forefront of your to-do list! Let’s dive deeper into this:
· Where is your target market looking for information? By looking at their demographic you can best determine what channel/medium you should utilize to get in front of them.
· Timing-when is the best time to promote your product? Is it a seasonal offering or based on higher sales during a particular time of year?
· What’s the climate of the world and what’s in the news? Believe it or not, this plays a big role in your promotion strategy. Always adjust your marketing efforts based on how you can meet folks where they’re at and best help satisfy a need.
· What type of promotion are your competitors doing? How can you stand out?
Some common and most popular forms of promotion today are: Social media, website/blogging, public relations and Google ad words.
Place/Distribution—Determining the best place for your good or service to be offered is a key piece to the puzzle. If you have something unique, look into what distribution channels will allow you to get in front of that specific audience. If you have a common household good, perhaps Amazon or an online platform is best. Lastly, would your product be best displayed in a brick and mortar storefront? Finding a home for your brand may be easier than you think, let’s ask some key questions:
· Where are other similar items/services being sold?
· Do you prefer to utilize a physical storefront, online sales, or both?
· Who else could you align with to offer your good/service in their existing space?
· What does the price of shipping and handling look like and how can you best get your product into the hands of your customer?
· What criteria must be met for particular e-commerce sites?
· Do you have a working website that best portrays your brand (this is super important!)
While the place portion of the marketing mix may represent the physical or online point of sale, it’s also very important to realize that the main place that folks will go for information (your website) must be a clear representation of your brand. Invest in a user-friendly, easily updateable, mobile friendly and appealing website. It makes all the difference when you’re introducing your brand to the world!
You got this!
I hope that this has helped give you a better understanding into how you can use the marketing mix as a tool for launching, rebranding or re-aligning your business goals. When you put in the work, use the right combination of ingredients in the mix and take the time to do it right the first time—you’re bound to have great results!